Not really sure how to include all this in turbo tax.
So here goes the story:
I currently have a self-employment business (my main source of income), let's call it LLC1. I am the sole owner.
I created another LLC just to buy an office building. Let's call it LLC2. I am also the sole owner here.
LLC2 got a mortgage for the office building in 2022.
LLC1 paid LLC2 "rent" in the amount of $20000 in 2022.
LLC2 paid a mortgage in the amount of $20000 in 2022. Equals out to zero. However, we can't deduct all the mortgage here (just the mortgage insurance+taxes, not the principal), so I guess it's not truly zero.
And also, I assume LLC2 can deduct the depreciation for the building, which will reduce the income here.
How do I report all this in turbo tax? Does LLC2 need to file a schedule E?
I do have other rentals on my schedule E as well, is this where I include this new office building? Or will turbotax assume it's in my personal name if I do it this way?
